One of the more common questions I get at this site is “Will there be a stimulus check in 2020?”. Well, surprise, surprise – it looks like there definitely will be a stimulus check in 2020. A Corona Virus stimulus check to be exact.
Why do people keep asking this question? Well, back in 2008, the US government gave out $600 stimulus checks to most Americans. Needless to say this money was very well received and I’m sure most people wouldn’t mind seeing more of those checks.
Who doesn’t like free money?
History of the stimulus check
In 2008, a $600 stimulus check was paid out to most taxpayers in an effort to boost the economy by getting more cash into the hands of people likely to spend it.
In 2009, a $250 stimulus check was sent to all recipients of Social Security (retired people) and SSI (Supplemental Security Income) for disabled people.
Will there be a CoronaVirus check this year?
The current administration is working on a giant stimulus bill which contains Corona Virus or Covid-19 stimulus checks. The amount will be $1,200 per person or $2,400 for a couple. Parents will get $500 per child under the age of 17.
The payouts get phased out if you make enough money. The stimulus check will start getting reduced if you make more than $75,000 and will be eliminated if you make more than $99,000.
What is a stimulus check?
A stimulus check is a check mailed out to a significant number of Americans in order to give government tax money to those most likely to spend it and help stimulate the economy.
For the first time in a long time – the American government will be paying out stimulus checks because of the CoronaVirus epidemic. $1,200 per person is an impressive financial commitment to get the country back on track.